Company Registration No. 10560257 (England and Wales)
KOFMAN + PARTNERS LIMITED
(FORMERLY V2 GROUP LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
KOFMAN + PARTNERS LIMITED
(FORMERLY V2 GROUP LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
KOFMAN + PARTNERS LIMITED
(FORMERLY V2 GROUP LIMITED)
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Debtors
5
27,534
22,762
Cash at bank and in hand
30,732
11,580
58,266
34,342
Creditors: amounts falling due within one year
6
(28,893)
(17,258)
Net current assets
29,373
17,084
Total assets less current liabilities
29,374
17,085
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
28,374
16,085
Total equity
29,374
17,085
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 7 May 2021
B Kofman
Director
Company Registration No. 10560257
KOFMAN + PARTNERS LIMITED
(FORMERLY V2 GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
1
Accounting policies
Company information
Kofman + Partners Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
The directors have considered the effect of the Covid-19 outbreak as. The directors consider that the outbreak has caused a significant disruption to the company’s business to date and the directors consider that a prolonged outbreak is likely to cause further disruption but are confident that the company can continue as a going concern for a period of at least twelve months from the approval of the financial statements. The company has taken advantage of the Job Retention Scheme and support of the bank. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Fixed asset investments
Interests in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
KOFMAN + PARTNERS LIMITED
(FORMERLY V2 GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans from
fellow group companies
,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KOFMAN + PARTNERS LIMITED
(FORMERLY V2 GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 4 -
2
Employees
There were no employees during the current
or
previous year.
2020
2019
Number
Number
Total
-
-
3
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2019 & 30 April 2020
1
Carrying amount
At 30 April 2020
1
At 30 April 2019
1
4
Subsidiaries
Details of the company's subsidiaries at 30 April 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
KP Lettings Limited (Formerly V2 Real Estate Limited)
Acre House, 11/15 William Road, London, United Kingdom, NW1 3ER
Ordinary
100.00
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
920
Other debtors
27,534
21,842
27,534
22,762
KOFMAN + PARTNERS LIMITED
(FORMERLY V2 GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
5,321
5,221
Corporation tax
4,663
-
Other taxation and social security
5,828
195
Other creditors
12,414
3,556
Accruals and deferred income
667
8,286
28,893
17,258
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of 10p each
1,000
1,000
1,000
1,000